Iran says extra Saudi, Russian oil helps Trump and hurts producers

Saudi Arabia and Russia need to cut oil output, a top Iranian official said on Wednesday, adding that extra supply from the two countries had caused a slide in prices and benefited U.S. President Donald Trump. Iran has been angered by higher Saudi and Russian production in response to calls from Trump to cool oil prices and make up for an expected drop in Iranian exports due to U.S. sanctions. “There is no other way for Saudi Arabia and Russia,” said Iran’s OPEC governor, Hossein Kazempour Ardebili, when asked whether the producers needed to trim output in 2019. “They pushed the prices $15 a barrel lower in one month and only made U.S. gasoline cheaper for Trump.” “They lost billions on revenue and caused losses to poor producers in Africa and South America.”